Financial Statements – Rebap Veracruz http://rebapveracruz.com/ Mon, 26 Sep 2022 21:29:04 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://rebapveracruz.com/wp-content/uploads/2021/07/icon-2-150x150.png Financial Statements – Rebap Veracruz http://rebapveracruz.com/ 32 32 OZOP ENERGY SOLUTIONS, INC. : FD Settlement Disclosure, Financial Statements and Exhibits (Form 8-K) https://rebapveracruz.com/ozop-energy-solutions-inc-fd-settlement-disclosure-financial-statements-and-exhibits-form-8-k/ Mon, 26 Sep 2022 21:29:04 +0000 https://rebapveracruz.com/ozop-energy-solutions-inc-fd-settlement-disclosure-financial-statements-and-exhibits-form-8-k/ Section 7.01 Disclosure of FD Rules. The Company has issued press releases on August 9, 2022, September 7, 2022and September 21, 2022. Copies of press releases issued by the Company are attached as Exhibits 99.1, 99.2 and 99.3 to this current Report on Form 8-K, which are incorporated by reference solely for the purposes of […]]]>

Section 7.01 Disclosure of FD Rules.

The Company has issued press releases on August 9, 2022, September 7, 2022and
September 21, 2022. Copies of press releases issued by the Company are attached as Exhibits 99.1, 99.2 and 99.3 to this current Report on Form 8-K, which are incorporated by reference solely for the purposes of this Section 7.01 disclosure.

Exhibits 99.1, 99.2 and 99.3 contain forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based on assumptions about future events which may not prove to be accurate. Actual results may differ materially from what is expressed in these forward-looking statements.

The information set forth in this Section 7.01, including Exhibits 99.1, 99.2 and 99.3, is provided and, accordingly, such information will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. (the “Exchange Act”), or otherwise subject to the responsibilities of this section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the ‘Exchange Act, except as expressly provided by specific reference in such filing.

Item 9.01 Financial statements and supporting documents.



(d) Exhibits.



Exhibit Number   Description
99.1               Press Release dated August 9, 2022
99.2               Press Release dated September 7, 2022
99.3               Press Release dated September 21, 2022
                 Cover Page Interactive Data File (embedded within the Inline XBRL
104              document)

© Edgar Online, source Previews

]]>
Durango Receives ‘Highest Possible Marks’ in 2021 Financial Audit – The Durango Herald https://rebapveracruz.com/durango-receives-highest-possible-marks-in-2021-financial-audit-the-durango-herald/ Sat, 24 Sep 2022 01:41:20 +0000 https://rebapveracruz.com/durango-receives-highest-possible-marks-in-2021-financial-audit-the-durango-herald/ The city’s net income increased by $13 million last year The City of Durango announced that it had received “highest marks possible” for its comprehensive annual financial report produced by independent auditor Eide Bailly after reviewing the city’s books and records. The audit identified only two errors in the city’s financial statements: A 2022 insurance […]]]>

The city’s net income increased by $13 million last year

The City of Durango announced that it had received “highest marks possible” for its comprehensive annual financial report produced by independent auditor Eide Bailly after reviewing the city’s books and records.

The audit identified only two errors in the city’s financial statements:

  • A 2022 insurance premium payment incorrectly filed as accrued as of December 31, 2021.
  • The absence of business improvement district taxes to be collected by the city in 2022.

Corrections were made during the audit to reflect accuracy, Eide Bailly’s Paul Kane said at the Durango City Council meeting on Tuesday.

Kane said the nine-month effort to complete the audit and final 2021 financial statements is a notable improvement in pace over the 15-month process involved in the full 2019 financial report.

“The past two years have seen longer turnaround times for the full annual financial report due to the 2020 finance department rebuild which took place after the former finance department director was found guilty of embezzlement,” the press release read.

Julie Brown, the city’s former chief financial officer, was sentenced to five years in prison in 2021 for embezzling more than $700,000 from the city over more than 11 years. She was later sentenced to 90 days in jail and 20 years probation.

Kane said financial audits have improved significantly and the team at Eide Bailly aims to have the 2022 audit completed by the end of June next year, more on schedule than the city had in place before the Brown embezzlement scandal shook things up.

He said that since 2020, Eide Bailly has carried out forensic audits and internal control reviews with the help of third-party consultants; they were hardly used during the 2020 financial audit and this year the audit was entirely carried out in-house with Eide Bailly.

“I think you’re all on track to get it done even faster next year, probably where you’re used to,” he said.

The City of Durango announced the release of its audited 2021 annual financial report on September 15, days after Durango resident John Simpson filed a lawsuit against the city after being denied access to an unaudited version of the same report.

City spokesman Tom Sluis said the timing of the audited report was unrelated to the Sept. 9 lawsuit filed by Simpson, which alleges the city violated the Colorado Open Records Act by denying him access to its unaudited 2021 financial report.

“We look forward to a decision from a judge to settle this matter,” Sluis said, referring to the lawsuit.

He said the city is confident in how it provides accurate and transparent financial data to the public on a daily basis.

Audit Highlights

Eide Bailly’s Alex Arndt said the city’s assets exceed its liabilities by nearly $365 million, meaning the city has “more than enough money” to cover any unexpected debts or financial needs. .

He said the balances of restricted and unrestricted funds in the city’s general fund increased by about 39% in 2021, indicating a good position with reserve funds.

The city’s net income increased by more than $13 million in 2021 compared to 2020, from $18,234,341 last year to $31,603,961 last year.

He added that debts and liabilities are decreasing due to debt payments with no additional debts added in 2021.

Net income increased last year from nearly $88 million to $89 million, but net expenses also increased by about $6 million, from $69.5 million to nearly $76 million.

“Some of these increases (in expenses) were due a lot to the type of business (fund); water and sewer had larger incremental expenses than previous years, as well as the transportation fund,” Arndt said.

Kane of Eide Bailly said Durango-La Plata County Airport is also in a strong financial position. The combined balance of its restricted and unrestricted funds for 2021 was $13,101,851, or 189% of its annual expenditures.

DRO’s total revenue in 2021, nearly $8 million, was down about $4 million from 2020 due to COVID-19 funding and airport improvement programs.

“The airport is back to normal: you all know you had a great year of travel,” he said. “I feel like the whole country did. But from all accounts it looks like Durango was just jumping off and the airport could see a boom in operating revenue as well. than an increase in operating expenses.

cburney@durangoherald.com

]]>
STEELCASE INC: Results of Operations and Financial Condition, Costs Associated with Exit or Disposal Activities, FD Settlement Disclosure, Financial Statements and Exhibits (Form 8-K) https://rebapveracruz.com/steelcase-inc-results-of-operations-and-financial-condition-costs-associated-with-exit-or-disposal-activities-fd-settlement-disclosure-financial-statements-and-exhibits-form-8-k/ Thu, 22 Sep 2022 02:10:14 +0000 https://rebapveracruz.com/steelcase-inc-results-of-operations-and-financial-condition-costs-associated-with-exit-or-disposal-activities-fd-settlement-disclosure-financial-statements-and-exhibits-form-8-k/ Section 2.02. Results of Operations and Financial Condition. Steelcase Inc. (the “Company”) today announced its results for the second quarter of fiscal 2023 and provides the earnings release as Exhibit 99.1 attached. Members of the public are invited to listen to the Company’s webcast conference call at September 22, 2022at 8:30 a.m. Eastern Time via […]]]>

Section 2.02. Results of Operations and Financial Condition.

Steelcase Inc. (the “Company”) today announced its results for the second quarter of fiscal 2023 and provides the earnings release as Exhibit 99.1 attached. Members of the public are invited to listen to the Company’s webcast conference call at September 22, 2022at 8:30 a.m. Eastern Time via the link on ir.steelcase.com. A replay of the webcast will also be available on the Company’s website.

Information provided pursuant to this Section 2.02 and Section 7.01 of this Current Report on Form 8-K (including the attachment) shall not be deemed “filed” under the Securities Exchange Act of 1934, as as amended nor incorporated by reference in any future documents filed by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly states in such future filing that such information shall be deemed “filed” or incorporated by reference therein.

Section 2.05. Costs associated with exit or disposal activities.

On September 21, 2022the company’s board of directors has authorized a series of actions in response to the company’s recent decline in incoming order volume and weaker than expected return-to-work trends in the Americas. Actions may include the elimination of up to 180 salaried positions in
Americas industry and business functions, and the Company currently expects to hire approximately $8 million restructuring costs, consisting of cash severance payments and other separation benefits, related to these actions. The Company expects these actions to be completed in the third quarter of fiscal 2023.

Section 7.01. FD Regulation Disclosure.

The Company has updated its investor presentation and will make it available on the Company’s website at ir.steelcase.com. The Company uses this presentation from time to time when Company officers interact with investors and analysts to discuss the Company’s business strategies and long-term goals.

Section 9.01. Financial statements and supporting documents.


(d) EXHIBITS.

Exhibit
 Number                                  Description

  99.1        Earnings Release - Second Quarter Ended August 26, 2022
104         Cover Page Interactive Data File (embedded within the Inline XBRL
            document)

© Edgar Online, source Previews

]]>
Seapeak preferred shares are still attractive with yields of 8.4-8.9% (NYSE:SEAL.PA) https://rebapveracruz.com/seapeak-preferred-shares-are-still-attractive-with-yields-of-8-4-8-9-nyseseal-pa/ Sat, 17 Sep 2022 15:45:00 +0000 https://rebapveracruz.com/seapeak-preferred-shares-are-still-attractive-with-yields-of-8-4-8-9-nyseseal-pa/ gguy44/iStock via Getty Images Introduction I was a shareholder of the common shares of Teekay LNG as well as the two series of preferred shares. When Teekay LNG was taken over by Stonepeak, a private equity group, I wasn’t sure if I should own on my preferred shares, currently traded with (NYSE: SEAL.PB) and (NYSE:SEAL.PA) […]]]>

gguy44/iStock via Getty Images

Introduction

I was a shareholder of the common shares of Teekay LNG as well as the two series of preferred shares. When Teekay LNG was taken over by Stonepeak, a private equity group, I wasn’t sure if I should own on my preferred shares, currently traded with (NYSE: SEAL.PB) and (NYSE:SEAL.PA) as a stock symbol.

I’m usually not too keen on seeing a private equity group take over an entity, because in some cases (or read: most) where they don’t call preferred stock, the balance sheet is sometimes stretched a little too much in an ‘optimization push’. A good example would be the recent acquisition of PS Business Parks (PSB) by Blackstone (BX) where Blackstone did not call the preferred shares but also announced that it would add leverage to PSB’s balance sheet thus making the shares less secure privileges. . Add to this the fact that some LNG carriers transported LNG from Russia to other countries (China), which added an additional factor of uncertainty.

Stock Price Chart

Looking for Alpha

A solid performance in Q2 and H1

At the end of June, Seapeak owned (shared) 47 LNG carriers and a 30% stake in an LNG regasification terminal in Bahrain. In addition, Seapeak also holds stakes in 26 LPG and gas carriers, in a joint venture with a European company.

For the second quarter of this year, Seapeak LLC reported total travel revenue of just over $150 million, representing a decrease from the first quarter of the year and a slight increase from the second. quarter of last year. One of the main issues is that although revenues have virtually stagnated, operating costs are rising as more expensive fuel has driven the vessel’s operating expenses up about 50% from a year ago. year.

Despite this, revenue from vessel operations was nearly $65 million and pre-tax income nearly doubled thanks to much higher equity income.

income statement

Seapeak SEC Filings

Net income was $102.4 million and after taking into account preferred dividends ($64 million) and non-controlling interests, net income attributable to Seapeak LLC was approximately 92, $5 million. A very good result which shows that the preferred dividends are very well covered but we obviously have to check the sustainability of this “equity income”, because it represents a very large part of the pre-tax income. Looking at the segment information in the footnotes to the financial statements, the majority of equity revenue was generated in the LNG division and includes the regasification facility in Bahrain. Unfortunately, Seapeak is not required to provide a more detailed breakdown as part of its semi-annual financial statements.

Footnote segment report

Seapeak SEC Filings

The cash flow statement also clearly shows that the vast majority of equity income was accounting profit and not cash inflow. As you can see below, net operating cash flow was just over $79 million in the first half of the year, and the $155.8 million in equity income in first half were reduced by $133.3 million to reflect distributions received (of the $155.8 million in capital gain, only $22.4 million was distributed in cash to Seapeak).

Cash flow statement

Seapeak SEC Filings

Excluding changes in working capital position, cash flow from operations was close to $110M, but we still need to deduct the $12.8M in preferred dividend payments to get $97M in cash flow. net cash. Keep in mind that this still excludes capital expenditures ($16.2 million) and lease payments of almost $37 million, but it includes about $14.3 million in start-up payments. dry dock.

The private equity partner plays the game

As mentioned in the introduction, my main concern was that the private equity partner would take cash out of the Seapeak subsidiary by declaring dividends on the common shares. That would be perfectly legal, and it’s how most private equity owners try to run their businesses: bloating the balance sheet with debt and just siphoning off the money through dividends.

And even though a preferred dividend has priority over an ordinary dividend, nothing really prevents an owner from declaring dividends on ordinary shares. A good example would be for example Presidio Property Trust (SQFT) which I talked about in a recent article. The REIT paid out distributions it could not afford on its common stock, taking cash off the balance sheet and making that balance sheet less secure for preferred shareholders.

In terms of financing cash flow, the only distributions that were paid in the first half were preferred dividends. Additionally, Stonepeak has actually invested just over $6 million in Seapeak.

Cash flow financing

Seapeak SEC Filings

I own both preferred shares A and B. Shares A offer a dividend yield of 9% ($2.25 per preferred share per year, payable in quarterly installments) and can be called at any time.

Meanwhile, B shares offer an attractive floating dividend from October 2027. These preferred shares currently pay a preferred dividend of 8.5% ($2.125 per year, paid in four quarterly installments), but in about five years , this is converted into a three-month LIBOR spread plus an increase of 624.1 basis points. With the current 3-month SOFR rate around 3.19%, this would indicate a jump to just over 9.4% based on $25 face value if the preferred shares are not called.

Investment thesis

When Teekay LNG Partners announced it was selling to a private equity firm, I wasn’t too thrilled. But now, more than six months after the transaction was completed, I am very happy to see that the private equity partner is doing the right thing and that more cash is being kept within Seapeak compared to then where Teekay LNG was still a publicly traded entity, paying attractive distributions. .

I will closely monitor the quarterly financial statements released by Seapeak, but so far I see no reason to sell my Seapeak preferred shares. In fact, the total amount of equity on the balance sheet has increased by almost $200 million, which means that there is now almost $1.8 billion of equity junior to preferred shares.

]]>
Avivagen Inc. Announces Results for the Third Quarter Ended July 31, 2022 https://rebapveracruz.com/avivagen-inc-announces-results-for-the-third-quarter-ended-july-31-2022/ Fri, 16 Sep 2022 10:30:00 +0000 https://rebapveracruz.com/avivagen-inc-announces-results-for-the-third-quarter-ended-july-31-2022/ OTTAWA, Ontario–(BUSINESS WIRE)–Avivagen Inc. (TSXV: VIV, OTCQB: VIVXF) (“Avivagen”), a life sciences company focused on the development and commercialization of products for livestock, companion animals and human applications that safely improve food intake and support immune function, supporting overall health and performance, announced its unaudited financial results for the third quarter of 2022. Third quarter […]]]>

OTTAWA, Ontario–(BUSINESS WIRE)–Avivagen Inc. (TSXV: VIV, OTCQB: VIVXF) (“Avivagen”), a life sciences company focused on the development and commercialization of products for livestock, companion animals and human applications that safely improve food intake and support immune function, supporting overall health and performance, announced its unaudited financial results for the third quarter of 2022.

Third quarter financial results as of July 31, 2022

The Company’s unaudited financial statements for the third quarter ended July 31, 2022 and accompanying MD&A have been filed on the Electronic Document Retrieval and Analysis System and are available on its website (www. .sedar.com). The financial information for the third quarter ended July 31, 2022 should be read in conjunction with the Company’s unaudited financial statements and its MD&A for the third quarter ended July 31, 2022.

The Company reported net revenue of $48,606 and comprehensive loss of $(1,901,453) for the three-month period ended July 31, 2022. This compares to revenue of $878,811 and comprehensive loss of ( $1,209,130) for the three-month period ended July 31, 2021.

For the nine-month period ended July 31, 2022, the Company reported net income of $408,201 and an overall loss of ($4,757,982). This compares to revenues of $1,300,412 and an overall loss of $(4,673,079) for the nine-month period ended July 31, 2021.

As of July 31, 2022, the Company reported total assets of $1,660,004 (current assets of $1,545,391), total liabilities of $6,920,903 and a shareholders’ deficit of ($5,260,899).

The company also announced the appointment of Mr. Ira Levy as interim Chief Financial Officer, effective immediately. Mr. Levy has over 15 years of experience in a wide range of high-growth start-up companies, both public and private, with an MBA from the Schulich School of Business in addition to his professional designation as a Chartered Accountant.

About Avivagen

Avivagen is a life sciences company focused on the development and commercialization of products for livestock, companion animals and human applications that, by safely supporting immune function, promote overall health and performance. It is a public company listed on the TSX Venture Exchange under the symbol VIV and headquartered in Ottawa, Canada at the partnership facilities of the National Research Council of Canada. For more information, visit www.avivagen.com. The content of the website is expressly not incorporated by reference in this press release.

About OxC-beta™ Technology and OxC-beta™ Livestock

Avivagen’s OxC-beta™ technology is derived from Avivagen’s discoveries of β-carotene and other carotenoids, compounds that give certain fruits and vegetables their vibrant colors. By supporting immune function, the technology provides a non-antibiotic way to promote health and growth. OxC-beta™ Livestock is a proprietary product proven to be an effective and economical alternative to antibiotics commonly added to livestock feeds. The product is currently available for sale in the United States, Philippines, Mexico, Taiwan, New Zealand, Thailand, Brazil, Australia, and Malaysia.

Avivagen’s OxC-beta™ Livestock product is safe, effective and could fulfill the global mandate to eliminate all antibiotics from food as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta™ Livestock have proven that the product works as well and, sometimes, in some respects, better than antibiotics in feed.

Forward-looking statements

This press release contains certain forward-looking statements based on management’s current expectations. Forward-looking statements involve risks and uncertainties associated with Avivagen Inc.’s business and the environment in which the company operates. All statements contained herein that are not statements of historical fact can be considered forward-looking, including those identified by the expressions objective”, to anticipate”, appear”, to believe”, consider”, could”, estimate”, expect”, if”, intention”, objective”, hope”, likely”, may”, to plan”, maybe”, potentially”, to chase”, seem”, should”, whether”, will be”, would” and similar expressions. Statements set forth in this press release regarding the potential for OxC-beta™ Livestock to replace antibiotics in livestock feeds as well as address a critical health support need in certain livestock applications where antibiotics are excluded and the size market opportunities is all ahead – look at the statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. For example, Avivagens the products may not be accepted by the market or approved by regulatory authorities in new jurisdictions or for new applications and may not be widely accepted as substitutes for antibiotics in livestock feeds, in each case due to many factors, many of which are external to Avivagencontrol. Readers are referred to the risk factors associated with Avivagen’s business described in Avivagens most recent managements discussion and analysis of the financial situation available on www.SEDAR.com. Except as required by law, Avivagen undertakes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright © 2022 Avivagen Inc. OxC-beta™ is a trademark of Avivagen Inc.

]]>
Solution Financial Reports Q3 2022 Financial Results https://rebapveracruz.com/solution-financial-reports-q3-2022-financial-results/ Wed, 14 Sep 2022 00:06:44 +0000 https://rebapveracruz.com/solution-financial-reports-q3-2022-financial-results/ Calgary, Alberta–(Newsfile Corp. – September 13, 2022) – Financial Solution Inc. (TSX: SFI) (OTCQX: SLNFF) (there “Company“), one of Canada’s leading luxury automobile and yacht charter providers, today announced its financial results for the third quarter ending July 31, 2022. Highlights of quarterly results: Margins increased 36% from 26% in the prior year quarter, with […]]]>

Calgary, Alberta–(Newsfile Corp. – September 13, 2022) – Financial Solution Inc. (TSX: SFI) (OTCQX: SLNFF) (there “Company), one of Canada’s leading luxury automobile and yacht charter providers, today announced its financial results for the third quarter ending July 31, 2022.

Highlights of quarterly results:

  • Margins increased 36% from 26% in the prior year quarter, with revenue driven primarily by high-margin leasing versus lower-margin vehicle sales.

  • Net earnings were $376,928 compared to $406,455 in the prior year quarter

  • Adjusted net income(1) was $526,797, down slightly from $557,545 in the comparative quarter.

  • The total lease portfolio increased to $27,317,077 compared to $26,025,286 in the previous quarter.

“This quarter really showed the resilience of our business model as we remained focused on our core rental services despite the ongoing economic challenges,” said Bryan Pang, CEO of Solution. “In 2021, we capitalized on vehicle resale opportunities caused by the supply chain impact on the luxury automotive sector, while this past quarter we have been more focused on helping to our network of luxury dealerships to finance vehicle sales despite generally slower sales volumes.Our recently announced $15 million financing facility with ATB Financial is a significant milestone, giving us access to more resources to support more dealers in our existing and expanding markets. Our goals remain focused on growth in the luxury market using a disciplined approach that has been proven over the past 18 years – delivering market competitive rates at good customers, focusing on leasing the right vehicles, backed by good warranties, and proactively supporting customers and caring for them. shareholders well beyond the initial fundraising event. Revenues may remain lower during these economic downturns, but we remain committed to focusing on profitable operations and building long-term shareholder value,” concluded Bryan.

Solution reports net earnings of $376,928 or $0.004 per share for the quarter ending July 31, 2022. This compares to net earnings of $406,455 or $0.005 per share for the quarter ending July 31, 2021.

Adjusted net income, which is more reflective of actual cash earnings, for the quarter ending July 31, 2022 was $526,797(1) or $0.006 per share compared to $531,092 or $0.006 per share for the quarter ending July 31, 2021. Adjusted net income excludes non-cash accretion expense related to convertible debentures and right-of-use assets of $55,807, the provision for income taxes of $80,000 and amortization expense of $14,062.

Solution’s operating cash flow for the nine months ending July 31, 2022 decreased to $126,863 (net of operating lease asset disposals) compared to $3,109,803 in the comparative quarter of 2021. With the increase in prime interest rates over the past few months, the Company used excess cash to repay the operating line of financing to minimize interest expense.

Rental portfolio

As of July 31, 2022, Solution had 323 vehicles in its rental portfolio, a net decrease of 3 vehicles to bring the total rental portfolio to $27 million.

As of July 31, 2022, the average residual term of the leases in the portfolio is 1.9 years, weighted by the net book value of each vehicle. As of July 31, 2022, Solutions’ 323 leases generated annualized gross rental and lease revenues of approximately $7.5 million.

About the Solution

Solution Financial Inc. was founded in 2004 and is headquartered in Richmond, BC and Calgary, Alberta. Solution specializes in sourcing and leasing luxury and ultra luxury vehicles, yachts and other limited edition assets that tend to retain their value over time. The company launched an innovative rental program that has helped make Metro Vancouver the luxury car capital of North America. The solution uses a streamlined leasing model specializing in assets with limited supply and high resale value. This rental alternative has proven extremely popular with affluent immigrants, international students, and business owners who may have limited credit history in Canada or who prefer more flexible vehicle ownership options.

Note 1 – Non-IFRS financial indicators

Solution provides all financial information in accordance with International Financial Reporting Standards (“IFRS”). To supplement our consolidated financial statements presented in accordance with IFRS, we are also providing with this press release certain non-IFRS financial measures, including Adjusted Net Income. In calculating these non-IFRS financial measures, we have excluded certain transactions that are not necessarily indicative of our ongoing operations or do not impact cash flow. These measures are not recognized measures under IFRS and do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. These measures should not be considered in isolation or as a substitute for analyzing our financial information reported in accordance with IFRS.

Caution Regarding Forward-Looking Statements

This press release contains “forward-looking information” as defined by applicable Canadian securities laws. Such information includes, but is not limited to, statements regarding our objectives, our strategies for achieving those objectives, as well as statements regarding management’s beliefs, plans, estimates, projections and intentions, and similar statements regarding events anticipated futures, results, circumstances, performances or expectations that are not historical facts. Forward-looking information can generally be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “should”, “expect”, “intend”, ” estimates”, “anticipates”, “believes”, “should”, “plans” or “continues”, or similar expressions suggesting future results or events. This forward-looking information reflects management’s current beliefs and is based on information currently available to management. Although the forward-looking information contained in this press release is based on what management believes to be reasonable assumptions, there can be no assurance that actual results will be consistent with such forward-looking information. Certain statements included in this press release may be considered “financial outlook” for purposes of applicable Canadian securities laws and, as such, the financial outlook may not be appropriate for purposes other than this release. Press.

The forward-looking information contained in this press release is made as of the date of this press release and should not be relied upon to represent the opinions of Solution as of any date subsequent to the date of this press release. Except as required by applicable law, Solution’s management and Board of Directors undertake no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

For more information, please contact Sean Hodgins at (778) 318-1514.

ON BEHALF OF COUNCIL

(sign) “Bryan Pan
Brian Pan
President, CEO and Director

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137060

]]>
Jushi Holdings Inc. Files First Quarter 2022 Restated Financial Statements – Tech420 https://rebapveracruz.com/jushi-holdings-inc-files-first-quarter-2022-restated-financial-statements-tech420/ Mon, 12 Sep 2022 10:22:00 +0000 https://rebapveracruz.com/jushi-holdings-inc-files-first-quarter-2022-restated-financial-statements-tech420/ BOCA RATON, Fla., Sept. 09, 2022 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated multi-state cannabis operator, today filed with the Canadian Securities Regulatory Authority restated unaudited condensed interim consolidated financial statements for the three months ended March 31, 2022 (the “Financial Statements Q1 2022 Intermediate”). […]]]>

BOCA RATON, Fla., Sept. 09, 2022 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated multi-state cannabis operator, today filed with the Canadian Securities Regulatory Authority restated unaudited condensed interim consolidated financial statements for the three months ended March 31, 2022 (the “Financial Statements Q1 2022 Intermediate”). The Q1 2022 restated interim financial statements are available through the Company’s public filings on the System for Electronic Document Retrieval and Analysis (“SEDAR”).

The interim financial statements for the first quarter of 2022, which have been prepared in accordance with generally accepted accounting principles in the United States, have been filed on SEDAR to replace the financial statements previously filed under IFRS by the Company on June 24, 2022. The Company has restated on (i) Right-of-use assets – finance leases and accrued liabilities and other current liabilities in the unaudited condensed interim consolidated balance sheet and (ii) cash flows from operating activities, d investment and financing in the unaudited condensed interim consolidated statements of cash flows. These errors had no impact on the cash balance as of March 31, 2022 and there was no net change in cash flow during the three months ended on this date.

About Jushi Holdings Inc.
We are a vertically integrated cannabis company led by an industry-leading management team. In the United States, Jushi is focused on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed training and competitive applications. Jushi strives to maximize shareholder value while delivering high quality products at all levels of the cannabis ecosystem. For more information, visit jushico.com or our social media channels, Instagram, Facebook, Twitter and LinkedIn.

Forward-looking information and statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws and statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933. , as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, contained in this press release, including statements regarding our strategy, future operations, planned expansion of our retail business and production capacity, planned expansion of our cultivation facilities, our future financial condition, projected costs, outlook, management’s plans and objectives, including, without limitation, the significance or significance and effects of errors in the financial statements for the current or prior period, and any future decisions of the Company, the Audit Committee or the management of the Company with respect thereto, are forward-looking statements. These forward-looking statements are based on Jushi’s current expectations and beliefs regarding future developments and their potential effects. Accordingly, actual results could differ materially from those expressed by such forward-looking statements and such statements should not be relied upon. Generally, such forward-looking information or statements can be identified by the use of forward-looking terms such as “plans”, “expects” or “does not expect”, “is expected”, “budget” , ” intended “. “, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of these words and expressions or may contain statements that certain actions , events or results “may”, “could”, “could”, “could” or “will”, “will”, “will”, “will” or “will be achieved”. Forward-looking information and forward-looking statements contained herein may include, but are not limited to, information regarding expectations regarding Jushi, or Jushi’s ability to successfully achieve business objectives, and expectations for other aspects economic, commercial and/or competitive. The factors. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release, including risks relating to Jushi’s ability to successfully and/or timely achieve its business objectives, including with regulators, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in financial markets; changes in applicable laws; compliance with extensive government regulations, the risk that additional information or other subsequent events may arise that would require us to make additional adjustments, and other risks, uncertainties and other caveats in public filings by the Company with applicable securities regulatory authorities on the SEC website at www.sec.gov and on SEDAR at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying any forward-looking information or statements prove incorrect, actual results may differ materially from those described herein as anticipated, planned, anticipated, believed, estimated or expected. .

Although the Company believes that the assumptions and factors used in the preparation of, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurances or warranties can be assured that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements contained or referred to herein. , except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.

For more information, please contact:

Contact with Investor Relations:
Michael Perlman
Executive Vice President of Investor Relations
561-281-0247
investors@jushico.com

Media Contact:
Ellen Melody
570-209-2947
ellen@mattio.com


main logo

Source: Jushi Holdings Inc.

Written by

Michael Berger

Michael Berger is managing partner of StoneBridge Partners, LLC and founder of Technical420.com. Prior to entering the cannabis industry, Michael was an equity research analyst at Raymond James Financial, covering the energy sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News and hosts various cannabis events across North America.

]]>
Know the risks of outsourcing to third parties https://rebapveracruz.com/know-the-risks-of-outsourcing-to-third-parties/ Sat, 10 Sep 2022 09:49:01 +0000 https://rebapveracruz.com/know-the-risks-of-outsourcing-to-third-parties/ Carriers that choose to outsource to two specific types of third parties – MGAs and TPAs ​​– may encounter distinct challenges. A little knowledge can go a long way. The variety of services offered by third parties to the insurance industry is seemingly endless. From outsourcing underwriting authority to a Managing General Agent (“MGA”) or […]]]>

Carriers that choose to outsource to two specific types of third parties – MGAs and TPAs ​​– may encounter distinct challenges. A little knowledge can go a long way.

The variety of services offered by third parties to the insurance industry is seemingly endless. From outsourcing underwriting authority to a Managing General Agent (“MGA”) or claims administration to a Third Party Administrator (“TPA”), insurers have a multitude of choices for engaging third.

Unfortunately, the types of risks associated with an MGA or TPA can also seem endless. These third-party entities are strangers, after all, and this brings unique exposure to carriers beyond their commercial boundaries. While gaining a sense of control is not always easy, insurers aware of the risks associated with CSAs and APTs can potentially mitigate problems and achieve better results.

Risks associated with GAs

Often, insurance companies use an MGA to underwrite quotes, issue insurance quotes and policies, collect premiums, make statutory reports, or process claims. Here are three selected risks:

  • Deviation from Underwriting Guidelines — Carriers could face significant reputational and financial repercussions if the MGA binds the carrier to risks beyond its control (e.g. boundaries, territories, lines of business, classes of business) .
  • Incorrect communication of underwriting production reports to carrier — Any deviation from an agreed schedule could cause operational difficulties for the carrier when preparing the financial statements.
  • Consolidation of carrier trust funds with other carrier funds or MGAs — Where premium funds are collected by the MGA on behalf of the carrier, the MGA may breach the agreement and mix the premium trust funds with its company operating funds or company trust funds. other insurers.

Risks associated with TPAs

A TPA typically handles administrative responsibilities such as claims administration, loss control, and risk management information systems on a fee-for-service basis. Here are three selected risks:

  • Deviation from complaint handling guidelines — Carriers expose themselves to extra-contractual obligations if complaints are unfoundedly refused or unduly contested. Additional risks exist if the TPA does not follow complaints handling guidelines or service level agreements.
  • Inaccurate loss cycle data — The TPA may report inaccurate ride loss data or miss deadlines, which puts the carrier at risk of not having the appropriate reservations recorded.
  • Incomplete or manual data entry — Carriers may not receive complete, accurate or timely loss data. Without correct and accurate loss data, the carrier would not be able to properly reserve its risks.

Carriers with pre-COVID-19 pandemic MGA and TPA agreements should take the opportunity to review terms and stipulations. These contracts may not reflect the current state of the world, which looks drastically different than it did just a few years ago. Certainly, it is recommended to perform due diligence, have a comprehensive agreement in place and perform routine inspections of MGAs and TPAs.

For more details on the potential risks when outsourcing to an MGA or TPA, and how carriers can mitigate those risks and achieve better results, read the full articles here:

Challenges and Risks When Outsourcing to Managing General Agents

Challenges and Risks When Outsourcing to a Third-Party Administrator

]]>
To hold or not to hold a general meeting without audited financial statements https://rebapveracruz.com/to-hold-or-not-to-hold-a-general-meeting-without-audited-financial-statements/ Sun, 04 Sep 2022 16:39:44 +0000 https://rebapveracruz.com/to-hold-or-not-to-hold-a-general-meeting-without-audited-financial-statements/ DIPOK KUMAR ROY | Published: September 04, 2022 22:39:44 Failure to hold the AGM and to hold it later with court permission are widely debated issues in Bangladesh these days. This has become an acute problem especially after the introduction of the DVC (Data Verification Code) to obtain financial statements from a shopping cart for […]]]>